Petrol prices raised by Rs0.42 a litre, diesel to cost Rs1.03 more

State-run oil marketing companies on Sunday announced an increase in the retail price of petrol by Rs0.42 a litre and that of diesel by Rs1.03 per litre citing an increase in the international prices of crude oil.

This is the fourth successive increase in the price of petrol and third in the price of diesel in India since November-December when crude prices started a slow but steady recovery.

Top oil PSU, Indian Oil Corporation Ltd, speaking for state-run oil marketing companies said the price changes will be effective from the midnight of 15-16 January 2017.

A litre of non-branded petrol will now cost Rs71.14 in Delhi, Rs77.46 in Mumbai, Rs73.66 in Kolkata and Rs70.61 in Chennai.

A litre of non-branded diesel will cost Rs59.02 in Delhi, Rs64.89 in Mumbai, Rs61.27 in Kolkata and Rs60.73 in Chennai.

The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, Indian Oil Corp said.

It said oil marketing companies will continue to monitor the movement of prices in the international oil market and rupee-dollar exchange rates closely and developing trends of the market will be reflected in future price changes.

The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - review retail fuel prices on the first and 15th of every month revise them to pass on the impact of global crude oil prices on their purchases.